Leavenworth Home Prices – First Quarter 2024
Creating exciting headlines for real estate sales data is a much easier job than sharing meaningful analysis.
It would be easy to get excited about record sales prices for homes in Leavenworth and proclaim that the market is as hot as ever or that the slowdown of 2023 is behind us now.
The average home price for Leavenworth in the first quarter of 2024 was $1,100,000 and the median home price was $932,000. These Leavenworth home prices ARE at record numbers for the first quarter, but there are some caveats. Three of the four homes that sold above $1,500,000 had commercial components and were not strictly residential in nature. One was a licensed bed and breakfast, one was downtown with commercial zoning and four separate rental units, and one had a permit for use as a Short Term Rental. If these outliers are removed, the average price is $879,000 and the median $812,000.
The data point with larger importance is the number of homes listed for sale. In 2023, very few sellers listed their home in the first quarter. In recent years, the lack of sales is often supply driven and not indicative of lack of buyer demand. Over the past few months, there was an assumption that the mild winter and warm spring would bring more listings to the market earlier in the year and it appears that is going to be the case.
With increased supply and stable interest rates, it seems likely that home sales will rebound from the low number of sales we experienced in 2023.
Required disclaimers:
Information and statistics derived from Northwest Multiple Listing Service. Additionally, this representation is based in whole or in part on data supplied by the North Central Washington Association of Realtors or its Multiple Listing Service. Neither the Association nor its MLS guarantees or are in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the Market.
